- Cardano’s price surge of 120% signals strong bullish momentum in the market.
- Critical support at $1.17 and resistance at $3.18 highlight key price levels.
- Technical analysis forecasts Cardano could reach $6, $9, and even $12 long-term.
ADA is one of the most unyielding tokens in the crypto market and is now trading at $1.11. This represents a significant 120% profit from its earlier portfolio addition at $0.50.
CryptoELlTES, a prominent crypto analyst, has highlighted an optimistic outlook for Cardano, identifying critical price targets of $2.50, $3, and $6. The long-term bullish projection even envisions an end goal of $12, provided market conditions align with the current trend.
The 1-month timeframe analysis reveals a rounded bottom pattern, which is a strong indicator of long-term bullish reversals. This development, coupled with a breakout above the descending resistance trendline, underlines Cardano’s ongoing upward trajectory. Significantly, the price has climbed above the 0.618 Fibonacci retracement level at $1.1731, which now serves as a robust support zone, enhancing its bullish potential.
Support and Resistance Levels Signal Stability
CryptoELlTES has pinpointed several critical support levels for Cardano. Among them, the $1.1731 level, which coincides with the 0.618 Fibonacci retracement, is crucial. If this level holds during any pullbacks, it could confirm a sustained bullish movement.
Additionally, the $0.8624 support, aligning with the 0.5 Fibonacci level, provides an essential safety net for price retracements. The lowest visible level, $0.2340, marks the trend’s baseline, underscoring the broader market’s recovery trajectory.
On the resistance side, $3.1770 serves as the next major hurdle, aligning with the 1 Fibonacci level. Further resistance levels at $6.4578 and $9.3522, tied to the 1.272 and 1.414 Fibonacci extensions, respectively, represent ambitious yet plausible targets in a continued bull market.
Ambitious Price Targets Backed by Technical Analysis
The medium-term price target identified by CryptoELlTES is $3.1229, which aligns with historical price highs. Beyond this, higher Fibonacci extension levels project potential upward movement to $6.6061 and $9.3522. These ambitious targets suggest that Cardano could achieve significant milestones, including $3, $7, and $14, as per a daily price chart analysis noted by another analyst, Dan Gambardello.
Bullish Momentum Supported by Market Activity
With a 24-hour trading volume of over $1.2 billion and a recent price increase of 1.28%, Cardano’s growth trajectory appears solid.
